Key Highlights
-
NEM’s XEM slumped by 6.91% on Thursday, following on from Wednesday’s 3.02% decline, to end the day at $0.30263.
-
An early morning intraday high $0.32377 fell short of the day’s first major resistance level at $0.3389 and the 23.6% FIB Retracement Level of $0.3378.
-
NEM’s XEM fell through the first major support level at $0.3067 to an intraday low $0.29384 before recovering to $0.30 levels by the day’s end, the fall also striking a new swing lo.
NEM’s XEM Price Support
NEM’s XEM slid by 6.91% on Thursday, following Wednesday’s 3.02% fall, to end the day at $0.30263, making it 4 consecutive days’ of losses off the back of a material shift in broader market sentiment at the start of the week.
An early morning high $0.32377 left NEM’s XEM short of the day’s first major resistance level at $0.3389 and the 23.6% FIB Retracement Level of $0.3378, to leave direction through the morning relatively range bound, with a morning low $0.31533, before a broader market sell-off in the afternoon weighed.
NEM’s XEM pulled back through the day’s first major support level at $0.3067 to an intraday low and new swing lo $0.29384 before recovering $0.30 levels by the day’s end.
The new swing low and failure to move through the day’s first major support level at $0.3067 affirming the near-term bearish trend formed at 25th April’s swing hi $0.46185, with a recovery to $0.30 levels of little comfort.
At the time of writing, NEM’s XEM was down 2.48% to $0.2951, with an early recovery from a start of the day intraday low and new swing lo $0.29124 to a morning high $0.30397 going into reverse in the last hour.
With the day’s major support and resistance levels untested early on, in spite of the new swing lo, a move back through to the morning high would support a run at the day’s first major resistance level at $0.3197, though NEM’s XEM will need break down resistance at $0.30 through the early part of the day.
Any upside through the afternoon will likely leave the 23.6% FIB Retracement Level of $0.3335 and the day’s second major resistance level at $0.3367 untested, barring a Bitcoin rally through the middle part of the day that could draw side lined investors back into the game.
Failing to break clear of $0.30 levels could see NEM’s XEM face another day of heavy losses, the day’s first major support level at $.2897 and second major support level at $0.2768 in play through the day. We would expect a bounce back from any test of the day’s second major support level, though investors may need to hope for one of the year’s strong weekend rallies for a reversal of the week’s losses.